Russia delaying drilling projects

Russian state-backed energy giants Rosneft and Gazprom have made plans to delay a number of offshore drilling projects by two to three years, hit by sanctions and low oil prices, according to the nation’s Ministry of Natural Resources.

Russia will drill just two offshore wells in 2017, down from an original plan for 14, Denis Khramov, deputy minister, said today at a conference in Russia’s Far East.

Drilling delays have been approved by the ministry for eight offshore licenses held by Rosneft and five by Gazprom, Khramov said.

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.